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What is the journal entry for recording a sale of goods for cash?

Practice Questions

Q1
What is the journal entry for recording a sale of goods for cash?
  1. Debit Cash, Credit Sales Revenue
  2. Debit Sales Revenue, Credit Cash
  3. Debit Accounts Receivable, Credit Cash
  4. Debit Cash, Credit Inventory

Questions & Step-by-Step Solutions

What is the journal entry for recording a sale of goods for cash?
  • Step 1: Identify the accounts involved in the transaction. In this case, we have 'Cash' and 'Sales Revenue'.
  • Step 2: Determine the effect on the Cash account. Since cash is received, we will increase the Cash account.
  • Step 3: Determine the effect on the Sales Revenue account. Since we are earning money from the sale, we will increase the Sales Revenue account.
  • Step 4: Record the journal entry. Debit the Cash account and credit the Sales Revenue account.
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